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Subject Expert
Do you live in Texas by any chance?
But in general investment HELOCs are hard to find as they are riskier to the banks.
Mentor
Nope NY
I have discussed with Truist. I own my properties in an LLC. Once my LLC is two years old they would allow me to have a revolving line of credit based off the performance of the LLC and value of the assets. Have another 6 months before I’ll look into it more deeply.
It can definitely be done, or at least could at one point. IIRC, lenders willingness to do HELOCs and on what conditions shifts with the times. Helps if you are open it up when doing the 1stL. Helps if you have a relationship with the lender. Helps if your numbers (income, leverage) are really good. I know you are looking for specific names. I have one through Wells, but got it a while ago, so not sure they still do it.